Res 351: Business Research Planning And Ethics
Business Research Planning and Ethics
RES/351
David Lantz
August 25, 2014
By: Heather Hansen
There are several planning keys to research success and there are several ways to fail as well. It is very important to follow the steps of the research process that as a business, the business can grow successfully. It is also important to follow the steps in order and not jump over or rush to the next step, so that decisions are made properly and logically for the benefit of the business to succeed and continue to grow. There are several symptoms and costs for a business to fail, and this can be very easy to do. One way to do this is to avoid failure. Costly failure to direct research efforts toward …show more content…
the research productive areas is all too common in the industry. When a company emphasizes on product improvement instead of new product development, they waste lots of money because new product development is what pushes the company towards the next step. Product improvement sets the company behind and they lose money by trying to perfecting the product. New products contributes to the major growth in the years. Sales of old products rarely increase. Putting the older programs back on the target meant scrapping half of the previous projects and it doesn’t measure up for the company. Reasons for lack of benefit to the company include limited markets for new product developments with no points of superiority over accepted products. New products that required marketing skills and distribution machinery then what the company possessed already. New process developments that were not worth the capital outlay that was required. It costs for the man power and the time to pay the man power, money and frustration among researchers. So this goes to show that the costs of not planning research soundly are too high and in running a business, you don’t want to leave much room for errors. Researchers need to ask the right questions, what opportunities exist in the field? What position in the industry is the company seeking? What quality standards does the company wish to attain? How fast does the company want to grow? What new fields is the company seeking to conquer and how can it best establish itself in them? These are some excellent questions a researcher needs to ask themselves before a company decides if it wants to proceed with a product and if it is worth their time and money. If they have the slightest doubt or if the profits are under
50% in a certain amount of time, then they may not want to proceed with the project.
Poor Liaison is also a reason for bad planning and failure. Researchers and marketing need to have good communication skills to carry on with a project. They usually have a bad habit of not communicating and marketers need to know what they are working with as far as the research to market the company. The marketing side needs to inform the researchers of the targeted area and so on, so they need to be able to communicate with each other and they typically don’t see eye to eye on projects. Failure to gather sufficient facts about a product and profit potential is another failure of business. Something that looks amazing isn’t always amazing. The sparkle in a new product, can be a dud on the other end. There are several steps in planning and they should be followed in every business.
Research planning has two distinct phases: programming and project selection. Programming develops specific research objectives and guidelines that make possible sound decisions on project selection. It defines the fields that should be studied and the emphasis that should be placed on the different kinds of research within each field. Within these guidelines, project selection picks out the technical problems which bear most closely on the success of the company. The company needs to have clear goals. Social and economic factors affecting long range profitability in the industry. The competitive situation in the industry. What are the activities that are critical to the company’s success. What are the strengths and weaknesses and the companies’ ambitions and resources with respect to expansion into other fields? Action is needed, so the company needs to analyze the company’s financials in 5 years. Will the financials go beyond 50% within in 5 years or increase earnings per share by 10% annually?
Basically is it going to be worth the company’s money and time or will it not be worth the effort put forth? The company needs to set the expansion policy. The objective needs to be defined by management’s intentions of expansions into new fields. Researchers need to stay focused on the objective of the project in place or they will research anything and everything beyond the project.
Managements stated intentions must be based on realistic evaluation of company’s financial and personnel resources or there will be unproductive research. Project selection is a definite procedure that needs to be set up to ensure that adequate consideration is given to all factors that enter a project selection decision. What criteria should be used for selecting projects and setting project priorities? There are two classes of criteria: measure economical potential, weighing sales and profits, return on investments, intensity of competitors and cost of marketing introductions. Assess technical feasibility such as technical obstacles and the probability of attaining project objectives successfully, research costs, time
to complete research and possibility of project developments being made by competitors discoveries. To have a successfully operating business, it is important to perform the proper research necessary. Everybody and every department need to follow the planning steps, they are the key to research success in a business.
References:
Stolz, R. K. (2009, May). Planning-Key to Research Success.
Carosa, C. (2014). How to Identify the Planning Processes for Each Element of a Project. Retrieved from http://www.ehow.com/how_4913955_identify-planning-processes-element-project.html
Wesselman, C. (2010). Obstacles to Succession Planning. Retrieved from http://www.wesselmansolutions.com/?p=114
RES/351
David Lantz
August 25, 2014
By: Heather Hansen
There are several planning keys to research success and there are several ways to fail as well. It is very important to follow the steps of the research process that as a business, the business can grow successfully. It is also important to follow the steps in order and not jump over or rush to the next step, so that decisions are made properly and logically for the benefit of the business to succeed and continue to grow. There are several symptoms and costs for a business to fail, and this can be very easy to do. One way to do this is to avoid failure. Costly failure to direct research efforts toward …show more content…
the research productive areas is all too common in the industry. When a company emphasizes on product improvement instead of new product development, they waste lots of money because new product development is what pushes the company towards the next step. Product improvement sets the company behind and they lose money by trying to perfecting the product. New products contributes to the major growth in the years. Sales of old products rarely increase. Putting the older programs back on the target meant scrapping half of the previous projects and it doesn’t measure up for the company. Reasons for lack of benefit to the company include limited markets for new product developments with no points of superiority over accepted products. New products that required marketing skills and distribution machinery then what the company possessed already. New process developments that were not worth the capital outlay that was required. It costs for the man power and the time to pay the man power, money and frustration among researchers. So this goes to show that the costs of not planning research soundly are too high and in running a business, you don’t want to leave much room for errors. Researchers need to ask the right questions, what opportunities exist in the field? What position in the industry is the company seeking? What quality standards does the company wish to attain? How fast does the company want to grow? What new fields is the company seeking to conquer and how can it best establish itself in them? These are some excellent questions a researcher needs to ask themselves before a company decides if it wants to proceed with a product and if it is worth their time and money. If they have the slightest doubt or if the profits are under
50% in a certain amount of time, then they may not want to proceed with the project.
Poor Liaison is also a reason for bad planning and failure. Researchers and marketing need to have good communication skills to carry on with a project. They usually have a bad habit of not communicating and marketers need to know what they are working with as far as the research to market the company. The marketing side needs to inform the researchers of the targeted area and so on, so they need to be able to communicate with each other and they typically don’t see eye to eye on projects. Failure to gather sufficient facts about a product and profit potential is another failure of business. Something that looks amazing isn’t always amazing. The sparkle in a new product, can be a dud on the other end. There are several steps in planning and they should be followed in every business.
Research planning has two distinct phases: programming and project selection. Programming develops specific research objectives and guidelines that make possible sound decisions on project selection. It defines the fields that should be studied and the emphasis that should be placed on the different kinds of research within each field. Within these guidelines, project selection picks out the technical problems which bear most closely on the success of the company. The company needs to have clear goals. Social and economic factors affecting long range profitability in the industry. The competitive situation in the industry. What are the activities that are critical to the company’s success. What are the strengths and weaknesses and the companies’ ambitions and resources with respect to expansion into other fields? Action is needed, so the company needs to analyze the company’s financials in 5 years. Will the financials go beyond 50% within in 5 years or increase earnings per share by 10% annually?
Basically is it going to be worth the company’s money and time or will it not be worth the effort put forth? The company needs to set the expansion policy. The objective needs to be defined by management’s intentions of expansions into new fields. Researchers need to stay focused on the objective of the project in place or they will research anything and everything beyond the project.
Managements stated intentions must be based on realistic evaluation of company’s financial and personnel resources or there will be unproductive research. Project selection is a definite procedure that needs to be set up to ensure that adequate consideration is given to all factors that enter a project selection decision. What criteria should be used for selecting projects and setting project priorities? There are two classes of criteria: measure economical potential, weighing sales and profits, return on investments, intensity of competitors and cost of marketing introductions. Assess technical feasibility such as technical obstacles and the probability of attaining project objectives successfully, research costs, time
to complete research and possibility of project developments being made by competitors discoveries. To have a successfully operating business, it is important to perform the proper research necessary. Everybody and every department need to follow the planning steps, they are the key to research success in a business.
References:
Stolz, R. K. (2009, May). Planning-Key to Research Success.
Carosa, C. (2014). How to Identify the Planning Processes for Each Element of a Project. Retrieved from http://www.ehow.com/how_4913955_identify-planning-processes-element-project.html
Wesselman, C. (2010). Obstacles to Succession Planning. Retrieved from http://www.wesselmansolutions.com/?p=114